xMr. Rao maintained a healthy lifestyle with healthy diet and exercises. Rao, with a clean medical record, was only 36 when due to ever-growing work related stress landed up in ICU. He had a stroke! At a time when the cost of living is almost sky rocketing, being the sole bread earner of his family, Rao had many things to be worried about other than his critical health condition.
 
But he breathed a sigh of relief when he discovered that despite his heart surgery and medical attention, his savings were untouched and that there were no cheque bounces to his EMI's, as the financial burden arising out of medical expenses was taken care by his insurance plan.
 
Fortunately, few years back Rao had bought a Critical Illness Insurance policy which provided health coverage for ten critical illness/ surgeries which helped him from digging into his savings during contingency.
 
When he purchased a 'critical illness' policy, the company had promised him to pay a lump sum amount if he was diagnosed of any one of its listed critical illnesses.
 
Surveys indicate that critical diseases such as cardiac ailments, cancer, kidney or renal failure and stroke are affecting people at an early age also. The cost of treatment or procedures related to critical illnesses is usually high, which may not be covered by an individual's savings alone. Thus, it becomes imperative to be prepared against the risk of these lifestyle ailments through health insurance plans that provides comprehensive protection against critical or life endangering diseases such as cancer, Major Organ Transplant, Multiple Sclerosis, Third Degree Burns, etc.
 
Careful assessment of both existent and imminent health risks based on factors such as age, gender, heredity and lifestyle is essential to determine one's insurance needs and choosing the right cover.
 
Some other factors that one should look for before buying a critical illness insurance are hospital network, claim settlement history etc. It is also advisable to understand coverage, list of illness covered, the covered amount, exclusions and other factors of such a policy. It is true that no one wants to be diagnosed with any kind of critical illness, but future is unknown.
 
The risk in financial liabilities due to illness can be nullified with adequate health insurance cover. A critical illness cover takes care of immediate and future financial requirements arising from a severe ailment so that the savings are intact and used in the way initially planned. You may not be able to prepare for a critical illness completely but some of the burden can be lifted with a critical illness insurance plan.
 
Thus, it is very well said that Critical illness insurance provides a cushion against income loss.
 
Article by Vandana Kumari